Estate Planning

Many people believe estate planning is a concern only for the elderly, but no life is certain. However, unless you die with a will or some other formal type of estate plan, state law - not you - dictates who will receive your assets. If you want to protect your assets from unnecessary taxation and ensure those assets are distributed the way you feel appropriate, you should address this important issue - even if your senior years are well in the future.

Despite the effort and cost inherent in drafting and executing your estate plan, it should never be viewed as a finished product. An estate plan is merely a work in progress until the death of its creator. In any life, inevitably, circumstances will be altered over time, making changes to the estate plan necessary.
An estate plan should be reviewed upon the occurrence of any of these events:
  • Changes in your family due to health issues, death, birth, divorce, adoption, change in state residency and even minors attaining adulthood.
  • Changes in the personal circumstances of those to whom you wish to leave bequests.
  • Changes in charitable organizations you mention in your plans.
  • The expansion, contraction, or change in the nature of your estate and assets.
  • Changes in the ability of your nominated personal representative and/or trustee to handle the responsibilities of those positions.
  • Changes in death tax laws, both state and federal, which will affect your estate.
Any of these events may give rise to the need to review your estate plan. However, only you can make changes. If you become incapacitated, your attorney cannot alter your estate plan regardless of how important the change may be.
Documents integral to your estate plan include: 
  • Will
  • Trust (if applicable)
  • Power of Attorney
  • Healthcare Proxy (if applicable)
  • Beneficiary designation forms for Retirement Accounts & IRAs
  • Life insurance policies and the beneficiary designations 
Contact your Hilliard Lyons Financial Consultant to learn how Hilliard Lyons Trust Company can help you with your estate planning needs.  If you do not currently work wtih a Hilliard Lyons Financial Consultant, feel free to contact us directly: